Gold Prices Drop 0.2% on Week; Silver Bullion Coins Down, Gold Up

by Bullion Prices Staff on February 9, 2013

Bullion was mostly lower this week. Palladium was the exception as it rallied to a 16-month high mid-week and, while it retreated on Thursday and Friday, gained 1.6% from a week ago. Falling for week were gold at 0.2%, silver at 1.6% and palladium at 0.7%.

April gold prices on Friday declined $4.40, or 0.3%, to settle at $1,666.90 an ounce on the Comex division of the New York Mercantile Exchange.

"The biggest factor to watch out for gold is the possible economic degradation of Europe and Japan. Gold may once again benefit as safe haven because of worries of currency devaluation," Reuters quoted Zachary Oxman, managing director of brokerage TrendMax.

In other bullion prices Friday:

March silver futures prices edged up 3.8 cents, or 0.1%, to $31.44 an ounce.

Palladium for March delivery gained $1.05, or 0.1%, to $751.50 an ounce, and

April platinum declined $7.60, or 0.4%, to $1,714.70 an ounce

New York bullion prices on the day and their weekly changes follow.

New York Futures – Bullion Prices

Mon

Tue

Wed

Thurs

Fri

Weekly Change
($/%)

Silver Prices

$31.72

$31.88

$31.88

$31.40

$31.44

-$0.52
-1.6%

Gold Prices

$1,676.40

$1,673.50

$1,678.80

$1,671.30

$1,666.90

-$3.70
-0.2%

Platinum Prices

$1,698.10

$1,707.20

$1,736.50

$1,722.30

$1,714.70

$27.00
1.6%

Palladium Prices

$757.80

$765.45

$764.80

$750.45

$751.50

-$4.90
-0.7%

Sales United States Mint Bullion Coins

More U.S. Mint bullion gold coins were ordered this week than last but orders for silver bullion coins retreated.

Sales of American Eagle gold bullion coins reached 34,500 ounces for the week and month, since no sales occurred last Friday which was the 1st of the month. Last week U.S. Mint distributors ordered 17,500 ounces.

Sales of American Eagle silver bullion coins reached 979,500 for the week and month-to-date compared to last week’s 1,494,000.

Sales of American Buffalo gold bullion coins reached 1,000 ounces for the week and month compared to the prior week’s 5,500 ounces.

Bullion products from the United States Mint are listed below. Within the columns are sales by day and for the year-to-date.

Sales of United States Mint 2012 Bullion Coins

Mon

Tue

Wed

Thurs

Fri

2013 Sales

1 oz American Eagle Gold Bullion Coins

0

0

0

29,500

1,500

155,500

1/2 oz American Eagle Gold Bullion Coins

0

0

0

1,000

0

18,000

1/4 oz American Eagle Gold Bullion Coins

0

0

0

4,000

0

28,000

1/10 oz American Eagle Gold Bullion Coins

0

0

0

20,000

0

130,000

1 oz American Buffalo Gold Bullion Coins

0

0

0

0

1,000

73,500

5 oz America the Beautiful Silver Bullion Coins

0

-860

0

0

400

28,500

1 oz American Eagle Silver Bullion Coins

0

675,500

0

98,000

206,000

8,477,500

*One of the America the Beautiful 5 ounce silver bullion coins, the Chickasaw piece, had its total moved down -2,260 on Tuesday. That resulted in an overall weekly loss for the 5 oz series of 460 coins.

Precious metals in London split for both Friday and the week. Gold advanced less than 0.1% on Friday and lost less than 0.1% on the week. The other metals declined on Friday but gained for the week. Daily price breakdowns follow for Feb. 4-8. The 7-day percent and net changes are also below.